The Oil and Gas Regulatory Authority (Ogra) on Thursday notified reduction in the Petroleum, Oil and Lubricant (POL) products prices by as much as Rs 10.74 per litre from June 1. According to a notification issued by Ogra, the price of High Octane Blend Component (HOBC) has been reduced by Rs 10.74 to Rs 125.07 per litre, kerosene oil by Rs 5.90 to Rs 94.05 per litre, Light Diesel Oil (LDO) by Rs 5.84 to Rs 91.59 per litre, petrol by Rs 3.39 to Rs 99.97 per litre and High Speed Diesel (HSD) by Rs 1.23 per litre to Rs 105.77.
The price of JP-1, has dropped by Rs 3.41 to Rs 87.13 per litre for the next fortnight, the price of JP-4 is now Rs 76.33 per litre after a decline of Rs 7.28 and the JP-8 rates after reduction of Rs 5.22 per litre has reached Rs 83.36 per litre. As the oil prices declined at the international markets the government has passed on some of the benefits to the masses while bringing the petroleum levy (PL) at its optimum level. The government has raised PL on HOBC from Rs 11.84 to Rs 14 per litre, PL kerosene oil by 85 paisa to Rs 6 per litre, on petrol from Rs 8.86 to Rs 10 per litre.
The price of High Speed Diesel (HSD) has been decreased by Rs 1.23 per litre to Rs 105.77 compared to its price of Rs 107.00 per litre in the month of May. The government has raised the PL for diesel too from Rs 4.2 to Rs 8 litre. OGRA in line with the reduction in Arab Gulf crude prices has calculated a reduction of Rs 13.24 (9.7 percent) per litre in High Octane Blend Component (HOBC), Rs 4.71 (4.6 %) per litre in petrol, Rs 5.64 (5.3%) per litre in High Speed Diesel (HSD), Rs 5.84 (6%) per litre in Light Diesel Oil (LDO) and Rs 6.88 (6.9 %) per litre in Kerosene Oil.
Currently different POL products are being sold at following prices: HOBC at Rs 135.81 per litre, petrol at Rs 103.36 per litre, HSD at Rs 107 per litre, Light Speed Diesel at Rs 97.43 per litre and Kerosene Oil at Rs 99.95 per litre After the reduction of POL products from June 1, various POL products would be sold at the following prices: HOBC at Rs 125.07 per litre, petrol at Rs 99.97 per litre, HSD at Rs 105.77 per litre, LDO at Rs 91.59 per litre and kerosene at Rs 94.05 per litre. With stable conditions at the international political and economic conditions the experts believe that local oil prices are likely to remain stable or decline slightly in the coming days.
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